RIVER CANYONTOTAL RETURN BOND FUND Institutional Shares (Ticker: RCTIX) A series of ADVISERS INVESTMENT TRUST STATEMENT OF ADDITIONAL INFORMATION January 28, 2021 This Statement of Additional Information (“SAI”) is not a prospectus.This SAI is intended to provide additional information regarding the activities and operations of the River Canyon Total Return Bond Fund (the “Fund”).This SAI should be read in conjunction with the prospectus dated January 28, 2021. A copy of the prospectus can be obtained at no charge by writing to the transfer agent,The Northern Trust Company, 50 South LaSalle Street, Chicago, Illinois 60603, or by calling 800-245-0371 (toll free) or 312-557-0164.The Fund’s prospectus (“Prospectus”) is incorporated by reference into this SAI. TABLE OF CONTENTS Description ofTheTrust AndThe Fund ............................................................................ 1 Additional Information AboutThe Fund’s Investments .......................................................... 1 Investment Strategies and Risks........................................................................................ 1 Investment Restrictions ............................................................................................... 30 Shares ofThe Fund ................................................................................................... 31 Management ofTheTrust............................................................................................ 32 Code of Ethics ........................................................................................................ 37 Distribution ........................................................................................................... 37 Control Persons and Principal Holders of Securities ............................................................. 38 Control Persons and Principal Holders ................................................................................ 38 ManagementOwnership.............................................................................................. 38 Investment Advisory and Other Services .......................................................................... 38 Investment Adviser ................................................................................................... 38 FundServices......................................................................................................... 40 IndependentRegisteredPublicAccountingFirm........................................................................ 41 Brokerage Allocation and Other Practices ........................................................................ 41 Disclosure of Portfolio Holdings .................................................................................... 42 Determination of Share Price....................................................................................... 43 Redemption In-Kind.................................................................................................. 44 Tax Consequences ................................................................................................... 44 ProxyVoting Policies and Procedures .............................................................................. 46 Financial Statements ................................................................................................ 46 Appendix A - ProxyVoting Policy and Procedures ................................................................ A-1 i DESCRIPTION OFTHETRUST ANDTHE FUND Advisers Investment Trust (the “Trust”) is a Delaware statutory trust operating under a Second Amended and Restated Agreement and Declaration of Trust (the “Trust Agreement”) dated June 21, 2018.The Trust was formerly an Ohio business trust, which commenced operations on December 20, 2011. On March 31, 2017, the Trust was converted to a Delaware statutory trust.The Trust is an open-end investment company.The Trust Agreement permits the Board of Trustees (the “Trustees” or “Board”) to authorize and issue an unlimited number of shares of beneficial interest of separate series.This Statement of Additional Information (the “SAI”) relates to the River Canyon Total Return Bond Fund (the “Fund”), a series of the Trust.The investment adviser to the Fund is River Canyon Fund Management LLC (“River Canyon” or the “Adviser”). The Fund is a non-diversified fund. The Fund does not issue share certificates. All shares are held in non-certificated form registered on the books of the Fund and the transfer agent for the account of the shareholder. Each share of a series represents an equal proportionate interest in the assets and liabilities belonging to that series and is entitled to such dividends and distributions out of income belonging to the series as are declared by the Trustees.The shares do not have cumulative voting rights or any preemptive or conversion rights, and the Trustees have the authority from time to time to divide or combine the shares of any series into a greater or lesser number of shares of that series so long as the proportionate beneficial interest in the assets belonging to that series and the rights of the shareholders of any other series are in no way affected. In case of any liquidation of a series, the shareholders of the series being liquidated will be entitled to receive as a class a distribution out of the assets, net of the liabilities, belonging to that series. Expenses attributable to any series are borne by that series. Any general expenses of the Trust not readily identifiable as belonging to a particular series are allocated by or under the direction of the Trustees in such manner as the Trustees determine to be fair and equitable. No shareholder is liable to further calls or to assessment by the Trust without his or her express consent. Any Trustee of the Trust may be removed by vote of the shareholders holding not less than two-thirds of the outstanding shares of the Trust.The Trust does not hold an annual meeting of shareholders.When matters are submitted to shareholders for a vote, each shareholder is entitled to one vote for each whole share he or she owns and fractional votes for fractional shares he or she owns. All shares of the Fund have equal voting and liquidation rights.The Trust Agreement can be amended by the Trustees, except that any amendment that adversely affects the rights of shareholders must be approved by the shareholders affected. All shares of the Fund are subject to involuntary redemption if the Trustees determine to liquidate the Fund. An involuntary redemption will create a capital gain or a capital loss, which may have tax consequences about which you should consult your tax adviser. For information concerning the purchase and redemption of shares of the Fund, see “How to Purchase Shares” and “How to Redeem Shares” in the Prospectus. For a description of the methods used to determine the share price and value of the Fund’s assets, see “PricingYour Shares” in the Prospectus and “Determination of Share Price” in this SAI. ADDITIONAL INFORMATIONABOUTTHE FUND’S INVESTMENTS Investment Strategies and Risks All principal investment strategies and risks of the Fund are discussed in the Prospectus.This section contains a more detailed discussion of some of the investments the Fund may make, some of the techniques the Fund may use and the risks related to those techniques and investments. Additional non-principal strategies and risks also are discussed here. As noted in the Prospectus, in addition to the main investment strategy and the main investment risks described in the Prospectus, the Fund may employ other investment strategies and may be subject to other risks, which are described below.The Fund may engage in the practices described below to the extent consistent with its investment objectives, strategies, polices and restrictions. However, the Fund is not required to engage in any particular transaction or purchase any particular type of securities or investment even if to do so might benefit the Fund. Asset-Backed Securities Asset-backed securities consist of securities secured by company receivables, home equity loans, truck and auto loans, leases, or credit card receivables. Asset-backed securities also include other securities backed by other types of receivables or other assets, including collateralized debt obligations (“CDOs”), which include collateralized bond obligations (“CBOs”), collateralized loan 1 obligations (“CLOs”) and other similarly structured securities. Such assets are generally securitized through the use of trusts or special purpose corporations. Asset-backed securities are backed by a pool of assets representing the obligations often of a number of different parties. Certain of these securities may be or become illiquid. Asset-backed securities are generally subject to the risks of the underlying assets. In addition, asset-backed securities, in general, are subject to certain additional risks including depreciation, damage, or loss of the collateral backing the security, failure of the collateral to generate the anticipated cash flow or in certain cases more rapid prepayment because of events affecting the collateral, such as accelerated prepayment of loans backing these securities or destruction of equipment subject to equipment trust certificates. In addition, the underlying assets (for example, the underlying credit card debt) may be refinanced or paid off prior to maturity during periods of declining interest rates. Changes in prepayment rates can